Lagos traders protest over N600million loss to Ponzi

20171204 111500 scaled
20171204 111500 scaled

A businesswoman, Chinyere Emeka-Atu, has been accused of defrauding traders and market women to the tune of over N600m in Lagos State.

It was gathered that the woman used her company, Family Food Support Association, to gather unsuspecting members of the public, including petty traders, to cart away with N9,000 every month to get a higher return on their investments.

The victims were said to have been promised a return of N200,000 cash and N90,000 worth of foodstuffs after nine months of investments in the association’s scheme.

However, for proper coordination, the businesswoman reportedly created about 39 groups headed by an independent leader under the association.

People from different parts of the country, who invested in the scheme, were reportedly divided into groups.

Things, however, took another turn when Emeka-Atu started defaulting in the payment of the promised money and donation of food items to those who invested in the scheme.

The situation was said to have created uproar, as some of the aggrieved victims reported the matter to the police, as Emeka-Atu was arrested.

She was arraigned before a Tinubu Magistrate’s Court on April 12, 2022.

The Magistrate, A.O. Alogba, was said to have remanded the businesswoman in custody and adjourned the case for hearing.

At the resumed hearing, our correspondent, who was present in court, heard as the prosecuting counsel, M.A. Animashaun, prayed the court for additional 15 days to file proper charges at the High Court.


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